Its revenue from operation stood at Rs 423.40 crore in Q2 FY22 as against Rs 401 crore it recorded in the corresponding quarter of the previous fiscal.
The governing board of K Raheja Corp Investment Managers LLP, manager of Mindspace Business Parks REIT has declared net asset value of Rs 357.8 per unit for Mindspace REIT as per Regulation 10(22) of the SEBI REIT Regulations, based on the valuation report.
The board also declared distribution of Rs 272.80 crore/Rs 4.60 per unit for the quarter ended September 30, 2021. The distribution comprises Rs 253.80 crore/Rs 4.28 per unit in form of dividend, which is tax-exempt in the hand of unitholders, and Rs 19 crore/Rs 0.32 per unit in form of interest.
It also accepted the resignation of Preeti Chheda from the office of compliance officer of Mindspace REIT with effect from November 12, 2021 and appointed Narendra Rahalkar as the new compliance officer with effect from November 13, 2021.
Mindspace REIT raised Rs 4 billion in the form of debentures at SPV level at 6.1% per annum coupon.
Vinod Rohira, chief executive officer, Mindspace Business Parks REIT said, “We continue to witness strong leasing activity across our portfolio with over 2.1 million sq ft leased in first half of this financial year.”
Gross leasing remained strong at c.0.9 million sq ft, with an average rent of Rs 88 per sq ft per month, signed across 11 deals. It leased c.2.1 million sq ft during the half-year ended September 30, 2021. The company concluded another build-to-suit lease of 0.5 million sq ft at one of the ROFO assets – Mindspace Juinagar in Mumbai region.
Re-leasing spread stood at 21.6% on 0.6 million sq ft of area re-let. Average cost of debt further reduced by c.15 bps quarter-on-quarter to 6.9% as on September 30, 2021.
During the quarter, Mindspace REIT leased 3.63 lakh sq ft to AMD in Madhapura, Hyderabad, 1.34 lakh sq ft to Genpact in Pocharam, Hyderabad, 69,000 sq ft to Simpliworks in Commerzone Porur, Chennai and 65,000 sq ft to Finicity in Airoli West, Mumbai, it said in the investor presentation.